would it be fair to say, page-59

Hi Surges,

"Interesting to note here that the market correction after the CR news was instantaneous whereas the rise in price after the P&G news late last year was delayed and manufactured."

When the JDA was announced with The Procter & Gamble Company on 18/05/2012 the sp was $0.019c - This represents a 'factored in' value of - 10.53% to the current value of the company's securities.

The JDA announcement with P&G represented a significant milestone in the Company’s progression to commercial application, so would you agree that the market have yet to factor in OBJ's Joint Development Agreement with the World's Largest Consumer Packaged Goods Company?

"This sentiment that OBJ was raising money to allow shareholders [and directors] to get more fill before material news arrive is awkward, to say the least."

I believe it was poster, nathanblack, (who like yourself I consider to be an intelligent person) who said on the 'kneeguard' thread yesterday, "I think the cr price isnt great... The negative is it shows their is no money from big pharma in the short term.", however the more one thinks about statements like this the more one may see the contradiction. (no disrespect to nathan)

Hypothetically, let's consider for a moment that there was money from Big Pharma due to arrive in the short term?

It would be fair to assume that all three of our directors are restricted from trading in shares of the company due the to insider trading policy, based on the assumption that they would be in possession of information which is generally not known by the public - The name of any undisclosed FMCG partner may be one such example.

Director holdings:

Mr Edwards: 31,178,088
Dr Quirk: 22,088,890
Mr Denison: 13,380,556

The Directors pro rata entitlements:

Mr Edwards: 6,235,717 @ issue price of $0.015c = $93,534.26
Dr Quirk: 4,417,778 @ issue price of $0.015c = $66,266.67
Mr Denison: 2,676,111 @ issue price of $0.015c = $40,141.67

For the company to raise funds which are not required at this time, (as clearly evident from its reported cash burn rate) to reward long term (loyal) shareholders, is of course only based on speculation, however, based on what the company have already reported, such 'speculation' is far more plausible than the assumption that any of OBJ's current development programs have been abandoned by any of its partners, leaving OBJ to "go-it-alone" - A far distance from its three part development strategy which has continuously been reported by the company to be going from strength to strength. The whole 'go-it-alone' theory is a story which has been completely fabricated from on this OBJ forum, and has never once been indicated by any of the executive directors at OBJ Limited - This needs to be made very clear to all, imo.

Now, back to that 'Hypothetical' scenario where Big Pharma money was due to arrive in the short term, and keeping in mind that our directors can't trade any shares whilst in possession of such information, which would kind of suck for the directors, imo - (unless they announced a Rights Issue)

So, no Rights Issue, and no change of directors interest notice, and the BIG licensing agreement is announced, with let's just say a rather conservative re-rating of only 10c ps... followed by the Rights Issue to raise funds which are certainly no longer required now...

... at an issue price of $0.08c per New Share representing a 20% to 15 day VWAP.

Of course all shareholders are happy now, except for the directors who have really done a job on themselves over, and undoubtedly their own wallets (if they want to participate that is)

Mr Edwards: 6,235,717 @ issue price of $0.08c = $498,857.36
Dr Quirk: 4,417,778 @ issue price of $0.08c = $353,422.22
Mr Denison: 2,676,111 @ issue price of $0.08c = $214,088.88

"Here is what would have happened if our partnering programs would progress the way we anticipated in 2011/ 12. Price would have risen considerably prior to announcement, larger investors from overseas where those partner companies are located would have taken a stake in the company. US investors are very switched on with their biotech investments, a bit of a contrast to Australian investors in that regard."

With all respect Surges, insider trading and illegal manipulation of listed stocks is certainly considered 'business as usual' in Australia, however these serious criminal offences are not taken so lightly in many other countries around the world such as those home to major global pharmaceutical and FMCG companies in the US and UK. I certainly have enough evidence (provable in court) to go on public record and personally state that the ASX have gone to extraordinary lengths to protect serious criminal activity being carried out by a number of company directors with ASX listed company's in recent years. Sadly, some of these directors have already been charged and convicted for serious crimes carried out with listed companies in other capital markets, but have been welcomed with open arms by the Australian regulators. It's ok says the ASX, we just tell our fellow Australians that "we don't have enough resources" to regulate the serious criminal activity spiraling out of control in the Australian markets.

"It amuses me that I'm called emotional when I only state facts and name the disappointments in discontinued partnering efforts ( former FMCG ) and lack of updates ( GSK ) and a delayed clinical trial commencement for P&G."

Can you please point me in the direction to show where the company have made any claim that any programs have been discontinued, and also where any representative of the company has stated that the P&G Clinical Trials have been delayed?

"My original investment was based on analgesic treatment with our transdermal patches. This outlook has been nearly entirely sidelined within our partnering programs but, interestingly, prioritized within our own product developments represented in the musculoskeletal pain patches."

OBJ's 'own-products' development group and specifically the analgesics development falls under the non-pharmaceutical category, so our global partnership program(s) developing analgesic formulations with existing API's remain uneffected by the value-added initiatives that are currently being undertaken by OBJ.